Despite a strong housing recovery, millions of homeowners in the U.S. are still underwater when it comes to their mortgage debt. Out of desperation, many of those struggling may look for relief within potential scam, Credit.com reported.

“In recent weeks, the federal Consumer Financial Protection Bureau brought down a pair of allegedly widespread mortgage modification scams that targeted consumers who were underwater on their home loans, according to a report from the agency. In total, the scams could have had as many as several thousand victims across the country, and ripped them off for more than $10 million,” the article stated.

Find out more about the new warning on mortgage mods by clicking here.

 

About the Author

Most Popular Articles

Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations.

Oct 11, 2019 By

Latest Articles

Foreclosure activity drops to lowest level since 2005

Foreclosure activity sank in the third quarter of 2019, dropping to the lowest level in nearly 15 years, according to the latest report from ATTOM Data Solutions. Foreclosure activity in the third quarter fell 19% from a year ago to the lowest level since the second quarter of 2005, a 13-year low.

Oct 16, 2019 By